|
Closing the Deal and Moving
Make a smooth transition to your new home by taking care of all
the small details ahead of time.
Closing is a process during which all the legal and financial obligations
stated in your Offer to Purchase will be met. Your real estate representative
or lawyer should keep you informed of the steps involved, but here's
an outline of what to expect.
- Show your lawyer the agreement.
A copy of the signed Offer to Purchase is sent to your lawyer,
who will examine any conditions of sale and note the closing date.
You'll also tell your lawyer how you, and any other co-buyers
of the house, will be registered on the title to the property.
- All conditions of your offer are met.
During closing, all conditions in the Offer to Purchase must be
satisfied by the stated dates. For example, you may have made
the sale conditional upon a home inspection. This inspection should
be completed before you continue closing.
- A land survey is done.
You'll have to arrange for an up-to-date land survey on the property.
Your lender will insist on this survey so, if you did not receive
one from the vendor, you'll have to pay to have one done.
- Your lawyer searches the title.
Once all specified conditions have been met, your lawyer will
search the title to the property. This ensures that the vendor
does really own the home and that you can purchase it without
any legal problems.
- Check into taxes and liens.
Your lawyer will also be checking into government regulations
and other legalities. These include ensuring that the property
taxes on the house are up to date and that there are no liens
on the chattel, that is the personal property the vendor has agreed
to sell with the house.
- Mortgage details are finalized.
Your lawyer or lender will also draw up and finalize your mortgage
documents. If you are using financing options, such as a vendor
take back mortgage, you'll need your lawyer to prepare this document
too.
- Arrange your utilities.
It's up to you to make arrangements for final payments of utilities
at your old home and to begin service at your new home. Now is
also the time to make arrangements for moving.
It's all over but the signing of the check.
Your lawyer will prepare a Statement of Adjustment, which will
confirm the selling price, the amount you have to pay the vendor,
the balance of the down payment and adjustments. A certified check
for this total should be made payable to your lawyer in trust.
You'll also owe your lawyer for legal fees, which include closing
costs and disbursements.
Closing Day
The day you finally succeed in realizing your goal! It's the day
you can actually call your new home yours. Closing is the day you
get the keys and legally take possession.
It's a day for feeling great satisfaction at reaching your goal.
But the process isn't quite over yet. There are a lot of other things
that also happen on closing day.
- Your lender will provide the mortgage money to your lawyer.
- You must provide the balance of the purchase price to your lawyer.
- You will also be responsible for paying legal fees, disbursements
and land transfer taxes.
- Your lawyer pays the vendor, registers the home in your name
and provides you with a deed and the keys.
Moving from one home and neighborhood and discovering a new one
is an exciting process. But it can also be hectic and, if it's not
well planned, it may seem to get more frenzied as the big day approaches.
To help make moving a smooth transition for everyone, plan ahead!
Hiring a Mover
Friends or relatives may be able to recommend a mover, but you can
also ask the mover for references. You'll also want the mover to
give you an estimate and outline of fees. Is there a flat rate or
hourly charge?
During the move, you'll want to ensure that your belongings are
insured. Your home or property insurance may cover goods in transit
but call your broker to make sure and to see what the limits are.
Many moving companies offer additional insurance coverage.
Once you've selected a mover, have a representative come to your
home to see what will be moved. Tell the mover how much of the packing
you will do yourself.
Packing for yourself will save money but could take up to three
days. If you decide to do your own packing to save money, keep in
mind that you need the proper materials and the time. Experts estimate
that it takes two people approximately two to three days to prepare
and pack the contents of an average three-bedroom home - that's
a full-time job!
Professional movers have special crates and wooden cases for mirrors
and dishware. But they are not responsible for items such as jewelry,
currency or important papers. You will have to move these personally.
On moving day, go through the house with the van supervisor and
give any special instructions. For example, if you want a certain
item, such as a crib, to be the first out of the van at your new
home, it should be packed last. The movers will also make note of
the condition of your goods on an inventory list.
Accompany the supervisor through the house as the list is made
to make sure it is complete and accurate. Then, when the van arrives
at your new home, mark off the items on the mover's list as they
are unloaded.
You'll sign for the receipt of goods, subject to complete unpacking
and inspection.
Most movers will unload and unpack boxes and remove packing materials,
but movers do not put dishes or linens into cupboards.
Your real estate representative or moving company may also be able
to provide you with a handy moving day checklist.
|
